NEW YORK—On behalf of a Lehman Brothers Holdings Inc. affiliate, Jones Lang LaSalle Hotels secured and $80 million mortgage loan for the On The Ave Hotel. Jones Lang LaSalle Hotels Managing Director Jeffrey Davis, Executive Vice President Mathew Comfort and Vice President Mike Huth led the team on this transaction.
Located on Manhattan’s Upper East Side, On The Ave Hotel contains 282 rooms and is situated at the corner of Broadway and 77th Street, two blocks from Central Park. Originally constructed in 1908, On The Ave Hotel was renovated in 2005. Ownership plans to embark on a multi-million dollar renovation project at the property, which will include upgrades to guestrooms, corridors, the lobby and the property’s mechanical systems.
“On The Ave has been a consistently strong performer, with an average occupancy of over 95 percent during the last five years,” said Davis. “The hotel is managed by Highgate Hotels, one of the largest hotel operators in New York City, and has achieved impressive and solid cash flow, even during the recent economic downturn.”